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# Private Wealth Management

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Intern
Joined: 02 Oct 2010
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25 Oct 2010, 22:20
Can someone comment on career prospects in private wealth management? I attended an NYU Stern Admissions Event recently and one of the alumnae there was working at Goldmach Sachs in Private Wealth Management. She said it wasn't something she had originally intended on pursuing but sort of stumbled upon it and grew to like it.

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VP
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27 Oct 2010, 14:44
It's a bank job - the career prospects are much the same. As it is a sales role, you will be judged on your performance. It can pay pretty well and make for a good career.
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27 Oct 2010, 14:54
PWM is somewhat similar to my industry (investment consulting), but we advise institutional clients (pension funds, endowments, sovereign wealth funds, etc.) instead of high net worth people.

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28 Oct 2010, 05:08
if you can speak other languages it'll be pretty good. mandarin, arabic, russian, etc. are all in big demand with all the money flowing out of those regions.

also i'd recommend looking into working in geneva. that's where the big time private wealth management action is at. well outside of the US at least.
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Oxford Round 1 - interview invite 10/30/09, admit 12/11/09, ATTENDING 2010

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Senior Manager
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28 Oct 2010, 09:34
Any specific information about working in that industry? I am interested as well.
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Intern
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02 Nov 2010, 10:52
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I currently work in PWM at MSSB. PWM can mean many different things depending on where the person works. Yes, there is PWM at banks, but the majority of PWM gets done at the major wire houses (ie. Merrill, MSSB, UBS, JPM, and at indpendents like LPL, Raymond James, etc). PWM can be a very general or specialized career.

The specialized nature of this business falls into what you got a glmipse of from the person working at GS. There are plenty of players in the high net worth PWM arena as well. And at these very big institutions - PWM is more specialized because the assets you're managing are much larger. Here advisor/consultants manage extremely high net worth individuals/families, institution endowments/pensions/401k/etc, State's pensions, large business cash flow, etc. It's like going from playing pretty good minor league ball up to the big leagues. Here, the techniques used to manage these large portfolios are much more sophisticated and draw on the resources of a huge company like GS. There are many more MBA's running around in these places because it takes additional quant skill/knowledge base to understand what they're doing - and that's why they get recruited. I can't comment too much on what else it is they do exactly because I haven't worked in this area - but I do know the focus is much more on managing their assets to a very high level. Obviously, the pay for people who work in this area is very very good with a plethora of perks. There is much more availabilty for international exposure as well. A couple of my friends who work at Deut. Bank and BlackRock, who do this type of work, are compensated beyond what you might expect. It seems that they will never work less than 60 hr/wk, however.

Hope this helps

Steve

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Current Student
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03 Nov 2010, 19:24
stevebsd wrote:
I currently work in PWM at MSSB...

Great reply, thanks! This has piqued my interest in PWM. +1
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04 Nov 2010, 01:43
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Thanks for the info Steve, very insightful.

My background is that I work for a trading desk in the global markets division of a major investment bank. And every now and then we interact with our PWM guys (as do trading desks at most of the banks you mentioned - GS, UBS, Merrills etc), when they have products to source for their clients etc.

My only thing is that to me a PWM person's job is akin to what a sales person does on the institutional side just on a smaller scale. Of course with the added responsibility of portfolio management which is pretty interesting and challenging.

Now the question I pose is - and this is a personal choice thing - would you rather work in PWM managing high net worth individuals, doing deals maybe \$100,000 at a time with "retail customers" or would you rather work in a sales role dealing with institutions where you move tens of millions of risk at a time ? "Size opens eyes" as we say on the floor .... and that is a lot of fun

I don't know if you guys have read liar's poker ... but the description of these guys' ability to move tens of millions of bonds within an hour is very real ... thats how much volume you see on the non-retail side ... Certainly a career path also to be considered
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Re: Private Wealth Management   [#permalink] 04 Nov 2010, 01:43
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